China announces slight easing of currency controls

Associated Press + More

BEIJING (AP) — China's central bank has announced a slight easing of its controversial currency controls. It says it will allow the country's yuan to rise and fall by a slightly wider margin against the dollar in daily trading.

The change could allow a faster rise for the yuan, which Washington and other trading partners complain is undervalued. But any increase will likely be too small to satisfy many critics and Beijing already has warned that future gains will be limited.

The central bank said Saturday it will allow the yuan to fluctuate by up to 1 percent in value against the dollar each day beginning Monday, up from 0.5 percent previously.

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